what are the risks, page-15

Guys please re check your figures and go through the last time they reported. Their NTA was lower and gearing much higher than has been mentioned here I think.

If properties were 25% below where they have them marked it would smash their NTA and be way way way lower than 70c mentioned above.

Having said all that, I do not think all their properties are that far below their valuations. I haven't got time to go through everything in detail right now but maybe someone else has. Just check your figures guys.

Realistically I hope they can perhaps sell their largest property within 15% of their book value, and maybe then gearing can fall to a level where the banks will not have them by the balls, and hopefully this should keep NTA well north of 60 cents. That was what I was thinking last time I looked.

Now that they have the hedges off, a real key for the NTA in $A terms is performance of AUD/JPY. We need the yen to strengthen against aussie, personally I think there is a big chance of this happening.

BJT's property vals are only relevant to a certain degree. BJT's balance sheet is stronger, whereas RJT are virtually a forced seller for some of their properties, if you become a forced seller you will struggle to get the prices bandied about in those independant valuations.

i think it is a good spec buy but do not buy on basis of some figures in this thread..

"given an NTA of 97cps even a 50% drop in prices of the japanese property market (unlikely) we the shareholders are still ahead...."

the above is false, the company is heavily geared!